Litespeed made their F3 debut in 2008
Proposed budget caps in Formula 1 have prompted Norfolk team Litespeed to apply for a place on the 2010 grid.
Despite competing in only their second season of F3, team principle Nino Judge told BBC Radio Norfolk the timing was right to consider joining F1.
"F1 is extremely hard to get into normally but with the budget cuts now's the best time to get in," he said.
"As it stands we will be making an application to join the grid as a budget capped team."
Crucial to Litespeed's hopes will be talks between the sport's governing body, FIA and F1 teams in London this week.
I think the powers that be want some genuine racers out there, that's what is going to sustain Formula One
Litespeed team principle Nino Judge
The FIA wants to allow teams to enter with a £40m budget cap, and certain technical freedoms, while the big-name teams of Ferrari and McLaren are unhappy with the proposals.
But Judge, a former engineer with Lotus F1, believes the changes need to be applied to prevent the sport becoming a way for manufacturers to sell cars.
"There are only 10 teams in Formula 1, five of which are car manufacturers, their number one priority is not motor racing," he said.
"To ensure there is still Formula 1, if they leave, I think the powers that be want some genuine racers out there, that's what is going to sustain Formula 1," he said.
Litespeed will join forces with MGI Ltd, led by Mike Gascoyne, the former technical director at Toyota F1.
Judge says he hopes Gascoyne can help make the most of the many rule changes in F1, in the same way as Brawn GP and Red Bull have this season.
"Rule changes have thrown all the cards up in the air and very clever people like (Brawn GP owner) Ross Brawn and (Red Bull design chief) Adrian Newey took advantage," he said.
"We're hoping that Mike Gascoyne can help us exploit the rule changes again for next season.
"There's a few more coming in such as no more refuelling, narrow front tyres, no tyre warmers so the cars have to be changed to suit those regulations."